ADC raises $80M in private placement

ADC Therapeutics S.a.r.l. (Lausanne, Switzerland) raised $80 million in a private placement. Undisclosed new investors in the U.S. and Europe joined existing investors Auven Therapeutics Management LLLP (St. Thomas, Virgin Islands) and AstraZeneca plc (LSE:AZN; NYSE:AZN).

ADC develops antibody-drug conjugates that combine monoclonal antibodies specific to tumor antigens with a cytotoxic pyrrolobenzodiazepine (PBD). ADC's lead candidate is ADCT-301, an antibody-drug conjugate targeting CD25, a cell-surface antigen. It is in a Phase I trial to treat lymphoma and leukemia. ...